Canada Pension Plan Investment Board Acquires 5,200 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Canada Pension Plan Investment Board boosted its position in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 80.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,700 shares of the technology company's stock after acquiring an additional 5,200 shares during the quarter. Canada Pension Plan Investment Board's holdings in Lumentum were worth $982,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. HighTower Advisors LLC acquired a new position in shares of Lumentum during the 3rd quarter worth $216,000. Tidal Investments LLC lifted its holdings in shares of Lumentum by 35.6% in the third quarter. Tidal Investments LLC now owns 18,669 shares of the technology company's stock worth $1,183,000 after acquiring an additional 4,899 shares during the last quarter. Synovus Financial Corp boosted its stake in shares of Lumentum by 1.5% in the 3rd quarter. Synovus Financial Corp now owns 13,225 shares of the technology company's stock valued at $838,000 after purchasing an additional 200 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Lumentum by 33.3% during the 4th quarter. GAMMA Investing LLC now owns 1,192 shares of the technology company's stock valued at $100,000 after purchasing an additional 298 shares during the last quarter. Finally, Friedenthal Financial acquired a new position in Lumentum during the 4th quarter worth approximately $773,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total transaction of $170,154.48. Following the transaction, the chief financial officer now owns 51,976 shares of the company's stock, valued at $4,071,799.84. This represents a 4.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.19% of the stock is currently owned by corporate insiders.

Lumentum Trading Up 2.1 %

NASDAQ LITE traded up $1.23 during mid-day trading on Friday, reaching $60.00. 1,466,852 shares of the stock were exchanged, compared to its average volume of 1,900,380. The stock has a market cap of $4.15 billion, a P/E ratio of -7.80 and a beta of 1.14. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. Lumentum Holdings Inc. has a one year low of $38.29 and a one year high of $104.00. The stock has a 50 day simple moving average of $61.91 and a 200-day simple moving average of $75.04.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. On average, analysts anticipate that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on LITE shares. Stifel Nicolaus raised their target price on shares of Lumentum from $95.00 to $105.00 and gave the company a "buy" rating in a research report on Friday, February 7th. UBS Group boosted their price objective on Lumentum from $93.00 to $96.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. Northland Capmk upgraded Lumentum from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Barclays reduced their price target on Lumentum from $125.00 to $70.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Finally, B. Riley raised their price objective on shares of Lumentum from $62.00 to $75.00 and gave the company a "neutral" rating in a report on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $82.60.

About Lumentum

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates through two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables.